Cato to raise dividend by 10%

Cato Corp.
CATO, +0.67%
said Friday it will raise its quarterly dividend by 10% to 33 cents a share. The new dividend will be payable June 20 to shareholders of record on June 6. At Thursday's closing price of $36.50 for the discount apparel retailer's stock, the new annualized dividend of $1.32 a share would represent a dividend yield of 3.62%, compared with the aggregate S&P 500
SPX, +0.59%
dividend yield of 2.22%, according to FactSet. The stock, which was still inactive in premarket trade, has eased 0.9% year to date, while the S&P 500 has slipped 0.2%.

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